contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      ...ExtensiveCoverage_Company
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    pageUrl
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
    ...ExtensiveCoverage_Snapshot
  }
  ...TrendingContent_1jQ2Cn
}

fragment ExtensiveCoverage_Company on Company {
  id
  defaultInstrument {
    estimateData {
      researchCurrency
      estimates {
        date
        recommendation
        targetPrice
      }
    }
    id
  }
}

fragment ExtensiveCoverage_Snapshot on Content {
  __isContent: __typename
  companies {
    id
    defaultInstrument {
      snapshot {
        transaction {
          date
          recommendation
          targetPrice
        }
      }
      id
    }
  }
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      name
      id
    }
  }
}


incap-adjusted-ebita-clearly-above-consensus-in-q3-fy-guidance-unchanged-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

pageUrl

publishers

authors

reactionGroups

translations

imgUrl

description

changedAt

Incap operates in the industrial sector. The company supplies equipment and services for industrial players, where the range includes PCB assembly, system integration, box building integration, design validation, and inspection methods. The largest operations are found in the Nordic, Baltic and Asian regions. The company was originally established in 1985 and is headquartered in Helsinki.

Hello Everyone here at the forum! Incap held its Q3 Webcast yesterday, and we received lot of great questions - thank you for those and your interest in Incap! Here is the summary of the Q&A: Q: How did the order intake develop in Q3, and do you expect the growth in defence to continue in the fourth quarter? A: We had continued strong order intake also in Q3, and I believe that defence will continue very strong during the fourth quarter and also looking further. Defence is currently a hot topic in Europe, and even with some constraints regarding the materials it’s still a vital part in both Q4 and moving forward. Q: It seems quite easy for you to reach the upper range of your guidance, both in revenue and EBITA. What would need to happen for you not to reach your outlook? A: Meeting the guidance is never a given, but I think when looking at the bigger picture, we should be able to hit our outlook very well. There are problems in the market with different materials like PCBs and unexpected delays could of course have an impact. However, currently we don’t foresee it. I have said this before, that we have been through several different crises when it comes to materials and other issues, and we have excellent people all over the world working with these issues in a very professional manner. So, I’m quite sure we can find solutions in one way or another. Of course, there can always be surprises, but we don’t expect them currently. Q: Your EBITA jumped now over 10%. Was this related only to volume increase or was there also a mix impact? A: There’s always a mix impact, but I think foremost that the higher the utilisation rate we have, the higher will also the profitability be. In our model we still have very lean overhead on top of this. If we can get the utilisation on somewhat higher level, then immediately the profitability goes up. And I think that is what you have seen now in this quarter as well. That said, double-digit EBITA is nice to have but it’s not a target by itself for us. Q: Will the data centre orders fully offset the lost business of your largest customer in India? A: We expect currently that we will be able to balance that out with other customers. We have been ramping up large international customers now in India, and we have high expectations for them moving forward in the coming year. So, we expect it to be balanced out. I look positively on that development as well, even if it will be a challenge and a lot of work for the team. Q: Do you expect a margin deterioration in India going forward? A: We do not expect the change in the customer mix to directly affect margins. As I mentioned earlier, these are good customers, and our pricing is not exceptionally high, either in India or elsewhere in the world. We are competing on the same market as everybody else, so prices are hygiene factors. I expect that business would to be on the same level or somewhere around the same figures. Q: You mentioned that there will be compensating factors, but would you be still planning some kind of cost savings in India? A: We’re not implementing any programme for cost savings and we do not need to, for instance shut down a big part of the factory. We will simply produce lower volumes of some products and higher volumes of others. Q: Obviously, the defence business is growing and that also has some implications. Do the long-term defence contracts tie up more net working capital than your traditional business? A: It depends very much on the contracts. Once the projects are up and running, then there is no negative impact on net working capital. However, when it comes to postponement of larger projects, which happened last year, then, of course, we pile up a little bit of material. Q: Will the capacity be a constraint for your future growth? A: As I have mentioned before, we always plan our investments to include spare capacity, so that we have something to sell. I also think that the capacity discussion is from the past in the EMS business. When I started my career, it was always big CAPEX investments to enter the EMS business. Nowadays, you can rent personnel, machines and facilities, and starting up or expanding EMS business is not rocket science and does not require heavy capital investment anymore as the industry has developed. Q: Do you have some kind of estimate what share of your total business with the largest customer in India would you currently expect to lose? A: We don’t have any estimates. We know they are increasing their supplier base and from this we expect that some of our volumes will be targeted. At the same time, we are ramping up other good accounts. Overall, we are currently looking at being able to balance out this eventual decrease. Q: Do you mostly serve German customers from Germany, and do you share the same customers in German and Romanian factories? A: Customer proximity is something very important. Most of our German unit customers are in Germany. And since the Romanian factory is the competence centre of cable harnessing, also their customers are mainly German customers. Q: Is the defence business a higher margin business for you? A: Again, it depends on the project and the products we produce. The defence sector covers a broad range of applications, from more traditional equipment, such as combat vehicles, to modern drones. Some products are designed for single use, while others remain in service for decades, so it all depends on the product. The sector also is very broad nowadays with both long-established companies and younger start-ups. Given this diversity, profitability depends on the individual project rather than the sector as a whole. Q: Can we expect double-digit margin going forward? A: As I have said before, our decentralised organisation and very low overhead levels put us in a good position to deliver strong EBITA levels. However, profitability always depends on the product mix, and the margin percentage is not an end in itself. We would not turn down an attractive business opportunity simply because it carries a lower margin and slightly dilutes our overall margin, provided it makes business sense and generates value for the shareholders. Our margin is therefore an outcome of how we run the business, rather than a target in itself. Q: Was your Q3 cash flow in line with normal seasonal variance, and do you expect a seasonal capital release in Q4? A: We have seen strong business growth since Q2, which ties up working capital, first in the form of inventory buildup and after that, in the form of receivables. The inventory level has increased to EUR 90 million, also reflecting our preparations for a solid Q4 and expectations of continued growth. This puts pressure on cash flow, but it is a normal feature of our business and consistent with the pattern we have seen during previous periods of growth at Incap. Once the business stabilises and, for example, the material situation improves, we will be able to get inventory levels down and release cash back to Incap. Q: How do you view the current M&A market? A: We are not currently focusing on large-scale M&A. Our priorities are organic growth and our ongoing share buyback programme. Valuation multiples in the market have generally been high, which makes it more challenging to create value through acquisitions. We are confident that M&A will play a role again when market conditions are more favourable. We also remain open to smaller bolt-on acquisitions, so we are not closing the M&A door entirely. For now, however, our main focus is on driving organic growth and continuing along the path we have set.

Here is the company report on Incap regarding Q3 from Antti and Tuukka :)\n\n> Incap’s Q3 figures clearly beat our forecasts operationally. In India, there will be crosswinds in the company’s business operations next year, but we made no material forecast revisions following the report. However, we slightly lowered the required rate of return that we raised in the summer, as we believe the good news has outweighed the bad for now. We raise our target price for Incap to EUR 11.00 (previously EUR 9.50) and maintain our Accumulate recommendation. As the earnings turnaround that began in the summer continues, we believe the stock is still quite attractively priced (2027e: EV/S 0.8x, EV/EBIT 8x).\n\nIncap Q3'26: Hyvät uutiset voittivat ainakin toistaiseksi huonot - Inderes

Antti interviewed @Otto_Pukk regarding Q3    Topics: (00:00) Start  (00:47) Q3 Highlights  (01:56) Demand environment  (03:06) Order visibility  (04:46) Largest customer in India  (07:36)  Volumes in India  (08:26) Data center-related demand  (09:58) Competitive landscape in Europe and North America  (10:42) Lacon Group acquisition  (12:58) Share buyback program  (15:36) M&A  (17:26) Capital Markets Day in November

if you read a bit further in the release, otherwise the company expects the near-term outlook to be strong Sure, it might be that the lost sales won’t be fully replaced right away. On the flip side, of course, a lower risk profile should be rewarded with a higher valuation

This is definitely a point worth considering in an otherwise good situation. “Our largest customer is expanding its supplier base, which we expect to reduce our delivery volumes going forward. At the same time, new major customer accounts are being ramped up in India, particularly related to data center applications. This is expected to compensate for the impact.” So it’s expected to compensate, but not fully?

The robot’s summary is pretty good. Highlights include strong organic growth and operating result (incl. a return to double-digit profitability), as well as a fairly positive short-term demand outlook. On the negative side, intensified competition in India has already escalated into the loss of Victron deliveries at some point in the future. Granted, compensatory business in India is coming from data center-related customers, and a silver lining can also be seen in the reduction of customer concentration risk. Furthermore, the Lacon acquisition hasn’t quite lived up to original expectations either, as the earn-out consideration was written down from the balance sheet through the P&L (financial items) in Q3. Overall, the report is quite mixed, so there will certainly be plenty to ponder today.

Inderes              Incap Oyj: Incap-konsernin liiketoimintakatsaus tammi–syyskuulta 2026...    Incap Oyj | Pörssitiedote | 29.10.2026 klo 09:00:00 EETTämä tiedote on tiivistelmä Incapin liiketoimintakatsauksesta tammi–syyskuulta 2026. Koko raportti on tämän pörssitiedotteen liitteenä ...                             Didn’t this go pretty well, Boss?                    Inderes – 29 Oct 26              Robokommentti Incapin Q3-tuloksesta - Inderes    Incapin Q3-liikevaihto ja vertailukelpoinen EBITA ylittivät ennusteemme selvästi, kun orgaaninen kasvu kiihtyi 18 %:iin puolustusasiakkaiden kysynnän vetämänä. Osakekohtaista tulosta nosti lisäksi lisäkauppahinnan uudelleenarviointi. Ohjeistus...

Incap

Reported revenue growth of 56% was strong due to Lacon acquisition. But organic growth was also strong and adj. EBITA above consensus (LSEG) for Q3. In addition, order intake indicates a strong...

Reported revenue growth of 56% was strong due to Lacon acquisition. But organic growth was also strong and adj. EBITA above consensus (LSEG) for Q3. In addition, order intake indicates a strong Q4 2026. However, Incap's largest customer is diversifying its supplier base which will put pressure on the company's volumes going forward. Full year 2026 guidance is repeated. Orders from the defence sector are growing strongly but still relatively small part of net sales in a group level. CMD event is on 17 November. We argue Incap could set a long-term average revenue growth target of over 10% at its CMD.

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Incap: Adjusted EBITA clearly above consensus in Q3 - FY guidance unchanged - Nordea

Incap: Adjusted EBITA clearly above consensus in Q3 - FY guidance unchanged - Nordea